What is the minimum pension payment?
Your minimum pension payment, or minimum drawdown rate, is an amount set by the government that needs to be paid out of your account-based pension, or other super income streams, each financial year. The minimum pension drawdown rate is determined by your age and increases as you get older.
The government had temporarily reduced the minimum pension drawdown rate by 50% in response to Covid-19. However, this reduction ended on 30 June 2023.
So, from 1 July 2023, the 50% reduction will not apply to your minimum annual payment. The figures below reflect the most recent changes.